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  3. 12th Class
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  5. Accounting For Share Capital

12th Class Accountancy Accounting For Share Capital Question Bank MCQs - Accounting for Share Capital

  • question_answer
    Mohar Ltd. forfeited 160 shares of Rs. 10 each on which the holder had paid only the application money of Rs. 2 per share. Out of these, 40 shares were reissued to Gaurav as fully paid for Rs. 9 per share. The gain on reissue is:

    A) Rs. 320              

    B) Rs. 160

    C) Rs. 40                

    D) None of these

    Correct Answer: C

    Solution :

    [c] Rs. 40
    Hint: Gain on Reissue = 400 - 360 = Rs. 40


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